INDIAN RIVER COUNTY — After some last-minute drama, the County Commission today gave final approval for a land use swap that clears the way for a $300-million mixed-use development at the intersection of U.S. 1 and County Road 510.
“I had an agreement at ten o’clock last night and then this morning I didn’t,” said Joseph Paladin, point-man for the project known as Orchid Quay.
In dispute were details of an arrangement between Paladin, who represents project owner IHP Capital Partners, and a syndicate that owns seven acres adjacent to IHP’s 113-acre site.
The syndicate sought protection of its own development options and rights via assurances and concessions from Paladin which seemed to be in place and then were cast in doubt.
The syndicate’s attorney Chris Marine of Gould Cooksey Fennell, P.A.filed an objection to Commission approval of the land swap that might have delayed the project, but last minute negotiations with Paladin conducted in the commission antechamber just moments before the public hearing restored agreement between all parties.
Marine publicly withdrew his objection and members of the syndicate and other nearby property owners stepped up to the podium to express their full support for the project in light of the final agreement with Paladin.
The land-use swap exchanged residential building rights on the Orchid Quay site for commercial rights at a nearby property and moved residential and commercial rights within the project to enable a large retail destination in place of what would have been a lesser shopping center approved under an earlier mixed-use plan known as Bristol Bay.
The commission initially approved the swap in October. The revised plan was then reviewed and approved by several state agencies and sent back to the county for final OK.
County staff recommended final approval in the form of amendment to the county master plan but owners of the adjacent seven acres took this last chance to make sure their concerns were met.
Orchid Quay will include 350 townhomes and a high-end commercial development with a large retail anchor, a grocery store and numerous shops and restaurants, according to Paladin.
“It will be a luxury development that will cater to the north island and draw customers form Vero Beach and Sebastian,” Paladin said. “We will have lots of trees and shrubbery, park benches, pavers and fountains. It is going to be very nice.”
The intersection of U.S. 1 and 510 is the second busiest in the county and county planning officials, business consultants and developers say the area is under-served by retail.
Paladin told the commission financing is in place for the project.
“We are ready to go forward with a great project the whole county can be proud of. It will be a destination location where people go to spend the afternoon or evening shopping and dining. There has been a lot of thought and design work and consulting put into this.”
Paladin could not give a specific time-frame for when the project will break ground until he concludes negotiations with retailers who will occupy the new development.
“You can’t sign leases until you have an approved plan,” he said.
In October, Paladin said he had commitments from a number of retailers and restaurants and he said this morning that he is now prepared to go forward with the project as approved last fall.